Law Office of
D. Kent Shelton
a professional corporation
305 Lawrence Street
Marietta, Georgia 30060
678-945-7550 Office
678-820-8529 Text
kent@kentsheltonlaw.com
Explanation of Estate Planning and Probate Terms
After graduating from college, taking the Law School Admissions Test (LSAT), and competing against hundreds of law school applicants in order to get admitted, law school students spend at least one semester in a class dedicated to "Wills, Trusts, and Estates." Then, there is frequently a will, trust, or estate question on the Bar Exam which is the final hurdle to being permitted to practice law.
That being said, the terms on this page are offered for the edification of the reader.
1
Executor
The Executor is the person nominated in a Will who is legally obligated to bring a Will to the appropriate county Probate Court, along with the proper Georgia Probate Court Standard Form, then, upon receiving Letters Testamentary from the Probate Judge, "administer" the estate. The Executor marshals the assets, pays the debts, transfers real and personal property, and finalizes distribution of estate assets.
2
Testator
The Testator is the person who is transferring property through a Last Will & Testament; the "author," so to speak.
3
Intestate
Intestate (literally, "in-" or "not" testate) means that there is no "testament" as in the Testator never published a "Last Will & Testament." An intestate estate is subject to the Georgia Rules of Descent and Distribution.
4
Georgia Laws of Descent and Distribution
Without a Will, Georgia law directs that a person's real and personal property pass. People are often shocked at the persons to whom property passes in an intestate estate. Click here for detailed information on the Georgia Rules of Descent and Distribution.
5
Transfer on Death ("TOD")
Found primarily with financial investment instruments, TODs are beneficiary designations dictating to whom a particular financial instrument is "transferred" upon the owner's death. The transfer occurs outside of your "probate estate" and will generally take place regardless of whether you have a Last Will and Testament or whether your Last Will and Testament is ever presented to the Probate Court.
6
Pay On Death ("POD")
Found normally with checking and savings accounts, a POD designation is a way to ensure that a particular person or persons receive the funds in a particular account upon your death. The transfer occurs outside of your "probate estate" and will generally take place regardless of whether you have a Last Will and Testament or whether your Last Will and Testament is ever presented to the Probate Court.